The Consortium Report: Scouting the Potential Next Class of NBA Owners
NBA ownership is an exclusive, expensive, eccentric club—and every so often, it admits a new member. More than two decades since the league’s last expansion, here’s a look at who’s angling to get in the door—and who can afford to.It’s NBA Expansion Week at The Ringer! With a break in the schedule, we’re examining one of the biggest questions about the future of the league: Should the NBA expand beyond 30 teams? We’ll examine all the possibilities and complications, plus take some strolls down memory lane and examine some expansion teams of the past. We’ll bring it home at the end of the week with a hypothetical mock draft and a deep dive on potential future team owners.
A Wal-Mart heiress. A Comic Sans icon. A shapewear visionary. A cruise ship scion. What are they: characters in a joke, who are walking into a bar? The cast of The White Lotus: Sea Island?
Nah, just a snapshot of the current cohort of NBA franchise owners, a group that also includes a former AOL executive, a jazz guitarist, and past and present bigwigs at Qualcomm and Qualtrics. There’s even a damn Yankee—well, that is, if a yearslong rich-guy contractual dispute really and truly settles in his favor. There are finance guys and family members, minority stakeholders and major pains in the ass. Choose your fighter: that dude who famously worships the loo or the guy who’ll now be forever infamous for shipping Luka Doncic to the Lakers?
It’s an exclusive, expensive, eccentric club. But at some point, this circle of power could widen. More than two decades have passed since the NBA last added a franchise—the Charlotte Bobcats, in 2004. But there have been rumblings for some time now, including from NBA commissioner Adam Silver, that a new round of expansion is on some horizon.
“I don’t want to put a precise timeline on it,” Silver told CJ McCollum on a podcast in 2017, “but it’s inevitable at some point we’ll start looking at growth of franchises—that’s always been the case in this league.” Logistically, any real movement is likely years away. But now that the NBA has completed its new broadcasting rights deals, expansion speculation is back. And while we may not know exactly where a new NBA team will one day be located, or who will be paying for it all, one thing we do know is: It’ll cost ’em. Preparing a bid for an NBA team these days isn’t too different from building a custom burrito bowl or looking for housing in a walkable neighborhood: It’s a mighty pricey time to be a buyer in the marketplace!
Just look at some of the most recent NBA franchise sales. When mortgage prince Mat Ishbia paid $4 billion for the Suns in 2022, it represented a 10-time markup from the team’s last sale price of $401 million in 2004. In 2023, Michael Jordan sold most of his stake in the Hornets for an estimated $3 billion, a nice jump from the $275 million he paid in 2010. The Celtics’ ownership group is currently shopping the team for a reported $6 billion, give or take, a price tag that may have been a skosh too ambitious, but even a hefty markdown would still represent quite a jump from when they acquired the team for $360 million in 2002.
Given this trajectory, some have estimated that the all-in expansion fees for a new NBA operation could run in the neighborhood of $5 billion to $7 billion per team. So who might wind up holding the keys to such an expensive new toy? With NBA expansion sooomewhere around the corner, here’s our ball knower’s guide to the wide world of would-be ball owners—some a bit more qualified than others.
The Anointed One (and His Band of Money Men)
“I want the team in Vegas,” LeBron James said on an episode of his TV show The Shop in June 2022, adding that it was his goal to become an NBA franchise owner “sooner than later.” A few months after that, he made the same request more directly—even invoking the name of the commish. “I would love to bring a team here at some point,” James told reporters in Las Vegas in October 2022. “I know Adam [Silver] is in Abu Dhabi right now, I believe, but he probably sees every single interview and transcript that comes through from NBA players. So: I want the team here, Adam. Thank you.”
Silver responded in December 2023, telling SI that Las Vegas—a place where the NBA has held its summer league showcase since 2004, and a city that had recently earned NHL, NFL, and WNBA teams—was “one of those markets we’re going to look to” if and when the league considered expansion down the line. (Silver brought up Seattle as another.) But when he awarded James the MVP award for the NBA’s first midseason tournament in front of a Sin City crowd, Silver joked that the award “doesn’t come with a franchise.”
Such public banter suggested that betting on an NBA team in Vegas, with James as part of the ownership group, could be a winning parlay. Note, though, that I said ownership group.
As larger than life as LeBron is, even he lacks the necessary liquidity to buy a team solo. Any deal involving him would likely loop in entities like RedBird Capital, founded by former Goldman rainmaker Gerry Cardinale, or Fenway Sports Group, John Henry’s holdco, whose assets include the Boston Red Sox, Liverpool FC, and the Pittsburgh Penguins—a franchise whose strategic investment partners already include RedBird Capital and James. Once you start mapping this stuff out, the room starts to look like this pretty quickly.
The Ones Who Can Actually Afford It
As I’m always saying: Billions just don’t go as far as they used to! NBA teams have become so expensive that even members of the “three commas club” can be priced out of the market unless they’re willing to huddle up on a group project. Are you more of a lone wolf who wishes to operate like Clippers sole owner Steve Ballmer (or like MLB’s Stevie Cohen, who swooped in a few years back and paid $2.4 billion for 95 percent of the Mets)? If yes, then you need to be part of a very select tranche of wealth to live out the dream. And even then, there are no guarantees! Just ask Larry Ellison, who never did end up winning the Warriors in 2010 (despite turning in the high bid) or the New Orleans Hornets in 2011 (he offered $350 million, but the NBA itself offered more) or the Memphis Grizzlies in 2012.
One name that has come up recently is Jeff Bezos because that guy sure has the funds. (While you always have to take the Forbes and Bloomberg billionaire rankings with a grain of salt, you could dump all the salt in the world on Bezos’s estimated net worth of a quarter-tril dollars, and still all you’d taste is money.) This summer, Bezos denied reports that he was in the mix to acquire the Celtics—though his half brother, Mark Bezos, was later said to be an interested party. But maybe we haven’t heard the last of the Amazon founder: His company’s headquarters are, after all, in Seattle, a city believed to be a top two or three potential NBA destination …
Not all of the world’s richest people have ball on the mind. Mark Zuckerberg seems pretty focused on his aquatic endeavors and his virtual Neverland, and Elon Musk—well, you know. But others are worth keeping an eye on. Last summer, there were reports that “Europe’s richest millennial”—that would be Mark Mateschitz, who inherited the Red Bull empire from his late father, Dietrich—was in the early stages of considering a bid for an NBA expansion team. I can imagine the halftime shows now.
And then there are the mega-billionaires with high name recognition, beaucoup money to burn, and a healthy sense of hoops-life balance, like Eric Schmidt and the Michaels Bloomberg and Dell. These are guys who theoretically could try to acquire a team of their own but have so far opted for the lower-maintenance route: making eight- to nine-figure contributions toward someone else’s investment. Schmidt and Bloomberg helped Alex Rodriguez and Diapers.com dandy Marc Lore spackle over a several-hundred-million-dollar hole in their still-ongoing bid for the Timberwolves, while Dell threw in somewhere in the neighborhood of $180 million for a 10 percent share of the San Antonio Spurs. An expensive way to get good seats, for sure, but who’s counting?
The Duo du Jour
Waiting patiently for an expansion franchise isn’t the most efficient way to earn admission to the NBA owners’ inner sanctum, as Ballmer once learned. That would be to just buy an existing team, as investing partners Gabe Plotkin (whom you might better know as “the guy who named his hedge fund after his grandpa and who disastrously shorted GameStop that one time”) and Rick Schnall (whom I just learned is Carl Icahn’s nephew) did in the summer of 2023 when they went splitsies on the Charlotte Hornets.
But it isn’t always that easy. Just ask Lore and Rodriguez, who were such sweet summer children in 2021, when they signed an installment-based deal to take over the Timberwolves and the WNBA’s Lynx from Glen Taylor. (Want to feel old? We’re less than two months away from the fourth anniversary of Anthony Edwards effectively doing the sorry-to-this-man meme about A-Rod.) Since then, there have been lots of shots of A-Rod and Lore sitting courtside in Target Center, but also constant drama surrounding the deal: accusations of missed deadlines, a scorching case of seller’s remorse, eleventh-hour scrambling to replace a withdrawn institutional equity commitment, a “nuclear bomb” that left A-Rod “disgusted,” an arbitration panel (which ruled in A-Rod and Lore’s favor), and even now, still a few more hoops to jump through, including NBA sign-off and a board of governors vote, before the sale is complete.
If Rodriguez and Lore do prevail, they might be the last buddy-cop bid for a while. According to The Athletic, a new NBA rule instituted last summer disallows multiple owners from taking turns as their team’s voting governor, the way the Milwaukee Bucks’ Wes Edens and his (now former) partner Marc Lasry used to. Plotkin and Schnall, who opted to do the same thing in Charlotte, narrowly managed to be grandfathered in to the old rules, but going forward, incoming ownership groups will have to agree to a dynamic best described in Almost Famous: “I’m the frontman … and you’re the guitarist with mystique.”
Ultimately, the winsome twosome I’m personally rooting for? Glad you asked! I love love, which is why I’d cherish watching those crazy kids Timothée Chalamet and Kylie Jenner go in on a team together. It’ll be just like that time A-Rod and J.Lo tried buying the Mets.
The Kraken Pack
Seattle is a city still reeling (as it should be!) from losing the SuperSonics to Oklahoma City in 2008. But if the league does decide to return to the Emerald City, the most likely group to win an NBA franchise is the same one that paid $650 million in expansion fees for the NHL’s Seattle Kraken in 2021. Last May, Samantha Holloway—the daughter of private equity kingpin David Bonderman, who spearheaded the Kraken bid along with Jerry Bruckheimer—announced the upcoming formation of an umbrella organization to manage a number of initiatives beyond hockey.
And while circumstances have changed since then with the death of Bonderman in December, there’s no indication that the remaining Kraken owners have changed course on their desire and ability to add an NBA franchise to their holdings. And it doesn’t seem like hedge funder Chris Hansen, who was thisclose to moving the Sacramento Kings to Seattle in 2013, will compete with their plans in any way. When you come before the board of governors, you best not miss.
The Best-in-Class Providers of Strategic Liquidity, Operating Insights, and Diversified Market Expertise in This Dynamic Environment
Probably the biggest trend in NBA ownership over the past several years has been the steady and sanctioned encroachment of institutional capital. “There are only so many Steve Ballmers and Joe Tsais,” an NBA source told Axios in 2019 to help explain why, as the cost of buying into the league continued to rise, the NBA was starting to contemplate ways to expand the pool of available money and straighten up some of the messier ownership consortiums. Since then, the NBA has established a set of rules around private equity holdings to limit how much of any one franchise—and how many different franchises—a fund can invest in.
Some of the recurring firms that have popped up in the meantime include:
- Dyal Capital Partners and its fund HomeCourt Partners, wings of the publicly traded firm Blue Owl, which in 2020 became the league’s first exclusive private equity partner under an agreement that kicked back some of Dyal’s management fees and incentives to the NBA. Dyal, whose current holdings include the Kings and Hawks, sold its stake in the Suns to Ishbia for a tidy profit. And after the Carlyle Group pulled out of the cap table for the Timberwolves transaction last year due to a disagreement with the league about structure, it was Dyal that stepped in to backstop the deal.
- Arctos Partners, a private equity firm devoted to sports that has a stake in the Kings as well as investments in the Warriors, Sixers, and Jazz. (In conjunction with the University of Michigan’s business school, Arctos also lends its name to the Ross-Arctos Sports Franchise Index, which tracks the valuation growth of top sporting leagues in North America.)
- Sixth Street, which purchased a 20 percent chunk of the Spurs in 2021 at the same time that Dell bought 10 percent.
- Oak View Group, a venue development and operations firm whose investments around pro sports are structured a little differently than those above. It was OVG—which was started in 2015 by longtime sports executive Tim Leiweke and entertainment magnate Irving Azoff—that invested a billion dollars into turning the SuperSonics’ old barn, KeyArena, into the Kraken’s current home, Climate Pledge Arena, where perhaps one day a Seattle NBA team might play, too. And it was OVG that announced a $10 billion plan in 2023 to build a new NBA-ready arena, hotel, and entertainment district in Las Vegas in the hopes of luring an expansion team. Last fall, the Las Vegas Review-Journal reported that the project had hit a snag and was seeking a new location; as of earlier this month, it sounds like the search is still on.
It doesn’t end there. In 2022, the NBA also decided to allow endowments, pensions, and sovereign wealth funds as NBA investors. Seven months later, the Qatar Investment Authority bought 5 percent of Monumental Sports & Entertainment, the company that owns the Washington Wizards, Capitals, and Mystics, for about $200 million.
The Land Man
Hear me out: Now that we’ve established that expansion NBA teams are really just media plays and territorial disputes, who’d be better equipped to close the frontier and lord over a Northern Rockies franchise than the sheriff of land management entertainment himself, Taylor Sheridan? Yeah, yeah, he definitely doesn’t have the money—but that hasn’t stopped him before. Bring on the Big Sky Beth Duttons! I look forward to watching Sheridan slowly replace the entire roster and coaching staff with … himself, an owneur with a vision through and through.
The In-Law You Didn’t See Coming Until It Was Already Too Late
We’re not talking Rip Wheeler anymore, to be clear—this section is pure Tom Wambsgans country. To be honest, it always feels like such low-hanging fruit to compare the real-life drama of the ultra-high-net-worth set to that of the fictional Roy family in Succession. But in this case I am really, truly left with no choice, because this video of Dallas Mavericks owner Patrick Dumont heading to his courtside seats after (a) approving the trade of Doncic and (b) and realizing with doofy wonder that all that jeering he’s hearing is directed at him might be some of Matthew MacFadyen’s finest work yet.
Don’t really know who Dumont is? You’re not alone! When Mark Cuban sold a controlling 72.3 percent of the Dallas Mavericks to a Las Vegas–based family in late 2023, the buyer whose name got all the headlines was Miriam Adelson, the widow of Las Vegas Sands founder Sheldon Adelson, who has an estimated net worth of more than $30 billion. Which was just fine with her son-in-law, Dumont—who replaced Cuban on the NBA board of governors and who is long accustomed to operating behind the scenes.
In 2009, Dumont, a former Bear Stearns banker bro, married Sivan Ochshorn, Miriam Adelson’s daughter from a previous marriage. By 2010, he was working at Las Vegas Sands. In late 2015, after Sheldon Adelson attempted to purchase the Las Vegas Review-Journal in secret, the paper’s enterprising reporters uncovered that Dumont was the guy actively brokering the transaction. In 2016, Dumont was named CFO of Las Vegas Sands. Fast-forward to 2025: As if it weren’t bad enough to let go of a face-of-the-franchise player who led the Mavericks to the NBA Finals less than a year ago, Dumont followed that up by both insinuating that Doncic wasn’t a hard enough worker and, worse, suggesting that Shaq, of all guys to use as an example, was.
So who’s the next Dumontian in-law that might live in infamy in the expansion era? That’s the thing: With these types, there’s just no way of knowing. By the time you notice them, they’re already in the house.
The “Troublesome Beneficiary”
Speaking of Succession, these two stories in The New York Times Magazine and The Atlantic—about the Murdoch family’s legal (and personal) battles over the allocation of patriarch Rupert’s money and power (and love)—are amazing for so, so many reasons. Among them: the can’t-make-it-up code names used in various trust and estate schemes, like “Project Family Harmony,” which describes actions intended to achieve just the opposite, or the best one, “the ‘Troublesome Beneficiary,’ or just ‘Troublesome’ for short,” one law firm’s official descriptor for Rupert’s unfavored son James.
All of this is to say that maybe James Murdoch should purchase an NBA team just to anger his father. Ol’ Troublesome once sat next to David Stern at the 2012 NBA Finals, which is enough of a connection for me.
The Fast Food Fortune Club
True, the NBA already has a chain restaurateur among its current ownership ranks. (In addition to owning the Houston Rockets, Tilman Fertitta has investments in shlock-casual standbys Bubba Gump Shrimp Co. and the Rainforest Cafe.) But there’s always room for one more fry—which must be why, as I scrolled the Forbes billionaire list, the names of a few fast food moguls stood out. Here they are, listed in ascending order of “apparent interest level in professional sports”:
- The Cathys: In 1946, the late S. Truett Cathy opened his first restaurant. In 1961, he registered the name “Chick-fil-A.” Now, his two sons and a daughter each own a third of the empire. Unfortunately, the NBA plays on Sundays. Next!
- Lynsi Snyder: Snyder, the sole grandchild of the founders of In-N-Out Burger, is now in control of the private burger biz. But while she has a tiny connection to Las Vegas pro sports—she’s said to be a Raiders fan—she seems mostly interested in drag racing.
- Todd Graves: Now we’re getting somewhere! Graves, 52, is the cofounder and 90-plus percent owner of Raising Cane’s Chicken Fingers, the drive-through chain that answers the question “Yeah, can I get, uhh, 100 chicken fingers?” with “Yes, ma’am!” He owns a triceratops skull, a share of a pickleball team (co-owners include Scottie Scheffler, Zach Bryan, and C.J. Stroud), and, how to say this, the hearse that transported Martin Luther King Jr. He was recently the “king” of a Super Bowl parade in New Orleans. He loves pro athletes, and they love Cane’s: Last year, after winning a championship, the Celtics’ Al Horford celebrated by working a shift at a franchise, and Jrue Holiday popped up behind a counter, too. But while I can absolutely see Graves owning a big-time pro sports team, I don’t think NBA expansion will be his path. He seems like the type to prioritize staying local, and he’s been said to have interest in buying the NFL’s New Orleans Saints. But hey, if that doesn’t work out? Maybe another team owned by the Benson family—the New Orleans Pelicans—could go up for sale as a consolation prize one day.
The Revenge Tour
At times, Graves the chicken finger whisperer radiates Mark Cuban–like energy, right down to his stint on Shark Tank. But there’s nothing quite like the original. And these days, the original is pissed. If you ever want to find a guy like Cuban who thought he was out and pull him back in, probably the best way to do so is to abruptly trade the player about whom he once said: “If I had to choose between my wife and keeping Luka on the Mavs, catch me at my lawyer’s office prepping for a divorce.”
Did I think, at the beginning of February, that Cuban would have any interest in buying an expansion franchise anytime soon? No, siree. Can I now pretty clearly envision some glorious future in which Cuban becomes the Latte Larry to Dumont’s Mocha Joe, snapping up a new NBA team like it’s some kind of spite store? One thousand percent. (If the Lakers somehow win a title because of this trade, LeBron can kiss that Vegas franchise goodbye—that team belongs to Cuban now.) Would this be a terrible financial decision? Almost certainly. But hey, look on the bright side, Cubes: It’ll probably cost less than a divorce.
The Rising Tides
LeBron James is, of course, not the only aging NBA player interested in the view from the other side of the table. In September, Steph Curry said during an interview at the Bloomberg Power Players conference that he was “for sure” interested in a piece of an NBA franchise, adding, “I’ll be keeping an eye on that and how the expansion process works.”
Back in 2018, Curry had been part of a syndicate led by Fanatics founder Michael Rubin that tried to buy the NFL’s Carolina Panthers but lost out to trader David Tepper, and more recently, Curry teamed up with Marc Lasry’s firm, Avenue Capital Group, to buy one of the teams competing in TGL, Tiger Woods’s new indoor golf league. Steph’s former Warriors teammates Andre Iguodala and Klay Thompson are also part of the ownership group.
Curry also said at the conference that he’d be interested in exploring WNBA ownership. With NBA valuations so sky-high and interest in women’s sports on an upswing, leagues like the W (and like NWSL) have presented attractive and attainable equity opportunities for a growing number of pro athletes who may not have eight figures in liquid cash lying around. Dwyane Wade and Sue Bird are part owners of, respectively, the Chicago Sky and the Seattle Storm.
And with more than a dozen cities bidding to house the next WNBA expansion teams, several other current sports stars have thrown their hats in the ring, from Jayson Tatum and Kevin Durant to Patrick Mahomes and Candace Parker. This week, Sports Business Journal reported that one of the expansion spots is expected to go to Cleveland Cavaliers owner Dan Gilbert’s Rock Entertainment Group, which reportedly bid somewhere around $250 million to revive the Cleveland Rockers. If accurate, it would be a new WNBA record.
The Exchange Students
A couple of months ago, cousins and NBA phenoms Vince Carter and Tracy McGrady were two of 10 new limited partners added to the ownership group of the Buffalo Bills. Which has me wondering who the equivalent would be on the other side of this cross-cultural exchange. I’m worried that the answer is like, “Thunder Twins! Ronde and Tiki Barber Take On (0.5 Percent of) Oklahoma City.” I wish the answer could involve Marshawn Lynch and his cuz JaMarcus Russell. But Beast Mode already found a suitable Seattle sports opportunity and coinvestor.
In conclusion, maybe Russell Wilson has a chance to do the funniest thing possible? What else was that Broncos contract good for?
The Global Village
Besides Las Vegas and Seattle, a location that comes up pretty routinely whenever the topic turns to NBA expansion—including by Silver directly—is Mexico City. Since 2021, the city’s basketball team, the Capitanes de Ciudad de México, has participated in the G League, and the NBA has been encouraged by the experiment. Team co-owner Moisés Cosío, a filmmaker, an art collector, and the heir to a multinational real estate fortune, says that attending Kobe Bryant’s last game inspired him to start the Capitanes. (Other names that have been linked to future basketball ventures in Mexico include LeBron dinner buddy Carlos Slim and San Diego Padres minority shareholder Alfredo Harp Helú and his son.)
Realistically, though, for reasons ranging from the hyperlocal to the geopolitical, I don’t particularly expect to see expansion to Mexico City (or its colder North American counterparts in Vancouver or Montreal) anytime soon. The opposite is true, however, when it comes to an NBA-backed project over in Europe.
In mid-January, Shaquille O’Neal interviewed Silver on The Big Podcast and made a dopey reference to adding “a team in Madrid, a team in Russia.” Silver responded by lamenting the dearth of “supersonic flights from Kennedy to Charles de Gaulle airport.” But over the past few weeks, the overseas chatter has sounded more serious—perhaps partly in response, as my colleague Howard Beck noted, to the sluggish progress on a Boston Celtics sale back on the homefront.
After Silver spoke with reporters at the NBA Paris Games in late January about the happs in Europe, ESPN’s Brian Windhorst called the commissioner’s quotes “a signal that Silver and his top lieutenants are focused much more on conquering new territory than expanding their current league in America to places such as Las Vegas and Seattle.” By early February, The Athletic was describing the plan as having “grand designs of partnering with soccer conglomerates and Middle Eastern public investment funds to set up a league in the biggest, most attractive markets overseas.” (Old-head readers of Page 2 might be amused that one of the biggest thorns in the NBA’s side lately is a former NBA exec who now runs a team in Paris. His name? KAAAAHHHHNNN!!!)
And The Athletic’s article also took note of potential partners or team owners in this kind of venture, a list that runs the gamut from (90-year-old) Giorgio Armani to the Al Mubarak family and opens up all kinds of new dimensions—and questions.
The Competition
On January 15, about a week before Silver’s presser at the NBA Paris Games, Bloomberg reported on a different global basketball venture supposedly in the works. A group of investors that included Skype cofounder Geoffrey Prentice and former pro tennis player and Facebook exec Grady Burnett had hired Maverick Carter—James’s childhood friend and longtime business partner—as an adviser while they sought to raise $5 billion to found an “international basketball league to rival the National Basketball Association.” According to the article, the league would feature six men’s and six women’s teams and move from place to place around the world, à la Formula One. Later reporting identified more people and entities involved, like VC guy Byron Deeter and the Saudi sovereign wealth fund run by Crown Prince Mohammed bin Salman.
James, according to the articles, had no role within this plan.
“Respectfully,” yelled Stephen A. Smith to Windhorst on January 17, calling bullshit on the idea that James was none the wiser about all of this, “nobody, and I mean nobody on the planet, wants to hear that something ‘doesn’t involve LeBron James’ when Maverick Carter is doing it.” Smith went on to offer his personal theory: “The first thing that jumped to my mind was one of two things. LeBron James recognizes he won’t ultimately become an owner of an NBA franchise. Or, he wants the NBA to think about what he can do if they don't acquiesce and ultimately let him become the owner of an NBA franchise down the line.”
It seems like only yesterday that domestic NBA expansion was considered an inevitability and James and Silver were publicly joshing each other over Vegas. These days, though, even as some of that urgency gets tangled in foreign currency, the bottom line remains the same: Show me the money. In the NBA’s ownership circle, the price of admission keeps ticking higher, and the list of people vying for admittance—from NBA GOATs to Red Bull heirs, from world leaders to leveraged sellouts—is as idiosyncratic as always. Whether the next NBA enterprise winds up in the Nevada desert or on the streets of Paris, here’s what we can be sure of: Someone’s gonna pay for this, and pay big.